6 Money Saving Challenges That Are Actually Fun

Many people recognize the importance of savings, but few actually create a plan to start tucking their money away. If you don’t have a saving goal, such as boosting your emergency fund, it can be difficult to keep yourself accountable. Challenging yourself to monthly or yearly savings challenges can make saving money easier and more enjoyable. Here are 6 fun savings challenges that will make you (and your bank account) feel good when you complete them.

1. Temperature Match

If you check the weather every morning, this savings strategy is for you. This fun challenge doesn’t have a set amount of money that you will save. Instead, the amount you put away is dependent on the highest temperature of each day. For example, if it is 72 degrees one day and 88 degrees the next day, then you will put 72 cents for day one and 88 cents for day two in your piggy bank. This savings challenge can be done on a monthly basis or at the end of each year.

If you choose to do this as a monthly challenge, the dollar amount you’re saving might fluctuate greatly. Because temperatures are higher in the summer, you’ll most likely put away more in the summer than in the winter. However, having a summer job may give you a little more room in your budget to save. Even though you are only putting small amounts aside each day, you’d be surprised at how much money you will end up with.

2. Surprise save day

If you like surprises, you should try the surprise save challenge. This challenge requires you to choose an accountability partner, but other than that, it is entirely up to chance. Ask your friend to text you one day every month. It can be the same day each month, but switching it up will allow you not to try to tamper with how much money is in your wallet. 

When your friend sends the “surprise save day” message, the amount of money currently in your wallet has to go in your savings account. For those who don’t carry cash, you could transfer the current balance of your favorite peer-to-peer payment app to savings instead. This hands-off savings challenge requires minimal commitment at only 12 days per year. Yet, you are welcome to increase the number of days you ask your friend to text you to as many as you want. 

3. $5 Save Challenge

Another fun money challenge is to put aside every $5 bill you receive. Whenever you come across a $5 bill, whether in a birthday card or as change from a transaction, save it. You can even take this a step further by including electronic payments. If someone sends you exactly $5 on any type of peer-to-peer payment app, then you could transfer the money to savings.

It might take awhile, but this challenge has the potential to really add up long-term. While setting aside five dollars at a time might not seem like much, it could make a huge difference in your long-term savings goals. Putting your money into a high-yield savings account or individual retirement account (IRA) will help you build wealth. The $5 challenge can cover a specified time period, such as a 52-week money challenge, or be indefinite.

4. Envelope Stash

For this challenge, you will need 52 envelopes, a box, and a writing utensil. Next, you’ll label the envelopes from 1 to 52. Once the envelopes are properly labeled, put them into the box in a random order. Every week for a year, you’ll pick a random envelope and put the corresponding amount of cash in that envelope. Eventually, you will deposit the money in the envelopes into your savings account. 

If you want to opt for an option with less money handling, transfer the amounts on the envelope from checking to savings each week. The amount you put aside will be a different amount each week, but by the end of week 52, you will have saved $1,378. Saving more than a thousand dollars may sound intimidating, but it’s very doable if you tackle the challenge one week at a time. Note: If you get paid bi-weekly, consider coordinating your savings with your pay period. You can easily convert the weekly savings into a 26-week savings challenge by picking two envelopes each pay period. 

5. No-spend Challenge

Perhaps a 52-week savings challenge won’t benefit you because you’re spending too much money. If this is the case, consider doing a no-spend challenge each month. One month you might decide to avoid online shopping or eating out for a month. Maybe you’ll try to use the food in your pantry before you’re allowed to buy new groceries. Perhaps you might attempt to not spend any extra money for one week each month.

During whatever no-spend period you decide, you will still need to purchase the necessities. You can buy groceries, get gas, and pay your bills, but all other items during that period are considered an extra expense. Participating in a no-spend challenge can reduce the urge to spend impulsively. Time away from spending might also help you reflect on how your spending habits from before the challenge may need to be different after. The best part about this savings challenge is that you can revert into a no-spending mindset whenever you wish to do it again.

6. Keep the Change

This spare change challenge involves making any unnecessary or “fun” purchases with cash, specifically dollar bills. Although it’s less convenient than swiping a credit card, it may make you think about your purchase more. You also won’t have to waste time digging in your pocket or coin purse for exact change. Instead, you’ll just hand over the bills and put whatever coins you receive in your savings. 

For example, if your total was $17.33, you might pay with a $20 bill. Upon receiving your change from the cashier, you would put the $2 back in your wallet for future use. The remaining 67 cents would go into a designated spot in your wallet or purse until you can put it in your savings later. Over time, you'll begin to start the saving habit of placing your loose change from every purchase into a savings account or piggy bank. This action will remind you that when you spend money, you also need to save.

Whether you’re new to managing your own finances or a seasoned saver, building up your savings doesn’t have to be boring. You can involve the weather or seek accountability from a friend. Whichever money savings goal you choose to complete, just remember to write it down. As French writer Antoine de Saint-Exupéry said, “A goal without a plan is just a wish.” 

Instead of just “wishing” you had more money to pay off debt or save for a new car, commit to a savings challenge that works for you. Every short-term financial goal or challenge you complete will help you achieve the rest of your money journey. No matter the reason you’re reading this article, consider it a sign to begin a savings challenge today!